ADA Cardano price drops, but predictions remain positive

The Cardano price has fallen to $0.356948 overnight, illustrating a 4.5% drop in just 24 hours. The current drop in price also illustrates a 4.5% drop in a week and a 8% drop in a month. Cardano’s constant growth and development has not proven to be enough to offset the general negativity in the market.

Although the ADA price is a few percentage points higher compared to a fortnight ago, the price is still down 87% from its September 2021 all-time high of $3.09. Taking these factors into account, it can be said that the altcoin is still highly undervalued and that a price rise to $1 is realistic in the medium to long term.

Cardano Price Forecast – ADA Holds $0.35, Could It Rise To $1 This Week?

ADA’s technical indicators are currently illustrating an indeterminate phase. The relative strength index (purple) has dropped from 60 from a few days ago to around 45 today. This indicates that the selling pressure may continue for several more days.

ADA price forecast

On the other hand, the 30-day moving average (red) has been below the 200-day line (blue) for most of the year. This suggests that from a technical perspective, ADA is headed for a significant rally sooner or later.

The current, very subdued global macroeconomic situation is likely to have a significant impact on ADA’s share price, prompting investors to be patient for a rally. Nevertheless, Cardano’s strong fundamentals have given the impression that a bull market is imminent for the coin.

For example, the Cardano ecosystem has grown steadily even in the current bear market, and there are already more than 1,100 apps and builds on the network, of which more than 100 projects are already live.

Interestingly, Cardano’s recent growth is that the network has been using smart contracts since September, with over 3,500 Plutus scripts (Cardano’s version of smart contracts) released. This indicates that developers are actually building the network, which is slowly gaining traction among the masses.

An important factor to consider is that Cardano’s current value is now only $65 million. Although this is a very modest amount, this is a huge growth from a year ago when the value was around $0. At the beginning of this year, when ADA’s share price was significantly higher, the value was only about 1 million dollars.

In addition, IOHK and the Cardano development team will continue to release new important technical updates, including the September Vasil upgrade. This includes improvements that make programming dapps easier and improvements to the Cardano Deadalus wallet.

All factors considered, it appears that the ADA is currently highly undervalued. Despite the undervaluation, ADA is still the eighth largest cryptocurrency by market capitalization. This also indicates that there is room for growth when there is significant organic growth and adoption.

The long-term ADA price target is the ATH value of $3.09. However, some experts favor a long-term target of around $5.30.

In the shorter term, a realistic year-end target for ADA would be at least around $0.50. This despite the fact that the price was still around $1.59 this year. However, it must be taken into account that this course was still before the Ukraine war, with all the negative consequences for the global macroeconomic situation. There should be an improvement in the global macroeconomic situation before a large increase in the price can be expected.

Alternatives for faster wins

Fortunately, for anyone frustrated with waiting for improved economic conditions, there are still coins that offer reasonable returns in the short term. Many of these projects are currently being launched or are in the middle of a pre-sale before going public. Here, they are expected to face significant price increases.

A good example of this is Tamadoge (TAMA), whose price increased by more than 1,800% (from the pre-sale price in October) after it was listed on the OKX exchange.

The pre-sale of TAMA has been over for a while, but there are still plenty of new projects that can be expected to see a big rally in the coming months.

Dash 2 Trade (D2T)

The Ethereum-based platform, Dash 2 Trading, is a trading intelligence platform that provides investors with real-time analytics combined with social data to make better trading decisions. The token sale started just three weeks ago and has already raised more than $5 million. The first IPO has already been announced on the LBank Exchange.

Visit Dash 2 Trade now

Please note: Cryptocurrency is a highly volatile and unregulated investment.

IMPT

Another Ethereum-based project is IMPT, a carbon credit marketplace where users can earn NFT-based carbon credits. This can then be used to shop at a wide range of eco-friendly retailers. The CO2 credits can also be used to offset the CO2 footprint. IMPT enables CO2 credits to be exchanged as NFTs on the blockchain, contributing to the transparency of the CO2 credit market. Alternative carbon credit marketplaces are currently known for their lack of transparency.

The IMPT pre-sale has already raised $12.5 million in just a few weeks after launch. Currently the price of 1 IMPT is at $0.023 and in the next phase of the pre-sale it will move towards $0.028.

Visit the IMPT Presale now

Please note: Cryptocurrency is a highly volatile and unregulated investment.

Calvary (RIA)

A new game to earn money lets players battle each other for NFT-based trading cards. Calvaria (RIA) promises to make blockchain-based gaming more accessible to the public. This is largely done by letting people play without owning cryptocurrency. RIA can be used to purchase in-game items.

The presale has already raised more than $1.5 million and is now in its fourth phase, of which 1 USDT is equivalent to 40 RIA.

Visit Calvaria Presale Now

Please note: Cryptocurrency is a highly volatile and unregulated investment.

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